Dalfen America Corp (DAC) has sold Stone Mountain Industrial Park, a multi-tenant industrial property located in Stone Mountain in Atlanta, Georgia to a local investor broker, who closed the deal in late Q1 2014.
In June 2011, DAC acquired the note from a well-known life insurance company and negotiated a deed-in-lieu of foreclosure with the borrower shortly thereafter.
Following the ownership transfer, DAC implemented its plan to reposition the park. The property was extensively renovated and all vacancies were brought to lease ready condition.
The property’s occupancy was increased from 40 per cent to 87 per cent.
The sale of the Stone Mountain Industrial Park is part of DAC’s ongoing strategy to monetize assets acquired through its Ashrei I opportunistic industrial fund.
Conversely, through its separate accounts, development arm and its current value added fund, DAC continues to add to its growing portfolio of class A industrial properties in select North American markets.